Courts / Ireland / Report
Businessman's action against IBRC struck out for delay
Summary
In a High Court decision on 28 June 2018, the court struck out Finn Lyden's damages claim against the Irish Banking Resolution Corporation (IBRC). Lyden, a former chief executive of SIAC Construction, had invested in a fund promoted by Anglo Irish Bank Corporation Ltd (later IBRC) in 2006 and repaid a loan in 2008. In 2012, his lawyers initiated proceedings seeking a declaration that the investment contract was void, repayment of all payments, and damages for breach of contract, breach of fiduciary duty, negligent misrepresentation and negligent misstatement. IBRC applied to have the claim struck out, arguing that the delay in progressing the case was inordinate and would prejudice the bank if it went to trial. The court agreed, noting that the summons was issued in December 2012 but the statement of claim was not delivered until October 2017, a delay of almost five years.
Who, what, where, when and why
What: Report matter: Businessman's action against IBRC struck out for delay. Procedural stage: hearing_or_decision
When:
- December 2012 Other
- October 2017 Other
- 2018-06-28 Publication
Why: IBRC would suffer prejudice because oral evidence would be required after a very significant lapse of time. CNI source report
Case subjects
Applicant
Applicant
Applicant
Places mentioned
- The High Court
Topics
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